Punjab Unveils Rs 5446 Billion Tax-Free Budget for 2024-2025

Lahore, In a major fiscal announcement today, the Punjab Finance Minister Mujtaba Shuja ur Rehman presented a tax-free provincial budget of Rs 5,446 billion for the fiscal year 2024-2025 to the provincial assembly.

According to Ministry of Information and Broadcasting, the budget does not introduce any new taxes and aims to boost revenue collection by 53 percent through alternative means. Shuja ur Rehman disclosed plans for an ambitious Annual Development Programme worth Rs 842 billion, which will include seventy-seven new mega projects across the province.

The finance minister announced a significant increase in the revenue target for the next fiscal year, setting it at Rs 960 billion. In a bid to improve living standards, minimum wages will see a substantial rise from thirty-two thousand rupees, and government employee salaries will increase by 20 to 25 percent, with pensions up by fifteen percent.

For the first time, the Minority Development Fund will be increased by one billion rupees. Additional allocations include six billion rupees for a laptop scheme and five billion rupees for the Pakistan Kidney and Liver Transplant Institute Endowment Fund. Shuja ur Rehman also highlighted a reduction in the inflation rate to 11.8 percent and cuts in government expenditures.

The health sector in Punjab is set to undergo transformative measures, with additional provisions for free Wi-Fi at various locations and the distribution of solar panels to electricity consumers using up to a hundred units. Moreover, easy loans will be available for those building houses up to five marlas.

The tax-free budget was approved earlier today by the Punjab cabinet in a meeting led by Chief Minister Maryam Nawaz. The Chief Minister emphasized the government’s commitment to fulfilling its promises to the populace.

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